Graph Upward Trend 7
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The following information is as of April 2013 and the previous 35 months for all of Maricopa County. This information was obtained from the FlexMLS system.  Please note that searches fluctuate daily when running these reports.

As always, these blended statistics may be different than the statistics in your particular neighborhood.  If you’d like statistics specific to a specific area of interest to you, contact me and I’ll get you what you need.

 

Average Sales Price:

 

 

 

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What This Means for Sellers:

April saw the average sales price of a home in Maricopa County increase  to $237,820; this is the highest average in the 36-month reporting period. Sellers need to remain diligent about pricing homes according to the current market and not be tempted to overprice because they see prices on the increase. Just because the average sales price remains high does not mean that sellers are automatically getting more for their homes. Sellers are encouraged to spend time with their real estate professional to determine what is happening in their local market.  For sellers looking to “move up” in size and price, now is the time to sell – stop sitting on the fence because prices are rising.  Because prices are rising, you want to secure your new, more expensive home, before prices continue to go up and the amount extra you have to spend on the new home far exceeds any extra you could get on your current home by waiting for prices to keep increasing.

What This Means for Buyers:

For buyers, it remains very important to be aware of this shift in the price of homes. Just a little over one year ago, the average sales price was $158,517. We have seen a 20.5% increase since April 2012. As prices remain high, buyers may find it more and more difficult to find a home that is affordable. Interest rates remain very low, so buyers still have an edge in financing options. More than ever, you need to work with your real estate professional to make sure you have the best possible information regarding the market value of homes.  Buyers who’ve been looking for some time now may notice that they have to increase their price in order to find homes with the same attributes as when they started several months ago.

 

Non-Distressed Sales vs Distressed Sales:

 

 

 

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Distressed Sales Analysis:

A bank owned/foreclosure home is one that the seller no longer owns – it has been taken over by the lender(s) who had a note on the home. Short sales are homes where the seller is negotiating with the bank to “forgive” a portion of the debt in order to avoid foreclosure.

As of April 2013, 76% of sales were non-distressed.  One year ago, 56% of sales were non-distressed and two years ago, 36% were non-distressed!  This is a notable improvement.  It shows that we have cycled through most foreclosures and short sales and is an indication of the overall health of the current market.

 

Active Listings:

 

 

 

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What this means for Sellers:

In April, the number of active listings for sale decreased by more than 4,500 when compared to the month of March – a total of 12,370 residential homes were actively listed in Maricopa County.  Although based on the trend of the past two years, active listings do typically decrease from March to April, this decrease was larger than the past two years.  Sellers need to continue to watch this trend. Less competition means your home can sell quicker and perhaps for a higher price.  Using a real estate consultant is essential to determine how homes should be priced in order to be competitive AND the terms that will need to be available for prospective buyers in order to take advantage of this market.

Buyers:

The current market means that buyers had less homes to consider last month. Continue to monitor this statistic, as it WILL be the statistic that indicates how any options you will have in your home search and how quickly you will need to act … the lower the number, the more likely the competitiveness for lower priced homes will remain part of the current market. As always, market activity is local and should be researched with your real estate professional to determine the activity and desirability of the homes that are of interest to you.

If you would like more information about the real estate market or if you would like to know the market statistics in your neighborhood, contact me anytime!

 

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